A home loan is chosen on the basis of the rate offered by the lender. The borrower does not settle down till the time he/she is satisfied with the offer. Indiabulls is among the top choices for home loans. If you are looking for a financer and going through a mess, take a deep breath. There is a simple way to choose a home financer.
You understand that a loan is given or approved once the lender is satisfied your overall profile. In home loans, your income, property location and CIBIL score altogether are taken into account. Indiabulls home loan eligibility is based on these three (majorly) factors. For eligibility, there is a specially designed calculator. In this article, you will get to know the steps involved to check your eligibility for a home loan at Indiabulls.
Indiabulls Home Loan Eligibility Calculator
In this article, you have to mention the following details to know how much loan amount can you get.
- Monthly Income
- Tenure for which you want the loan
- How much rate of interest do you expect
On the basis of these, the calculator would show the maximum loan amount you are eligible for.
Indiabulls Home Loan Interest Rates
The rate of interest available for home loans ranges from 8.45%-9.75% per annum. The applicants having a good credit history and a score of 650 or above can expect easy approval for the desired rate.
You need to keep all the below-listed documents to get approval for the loan:
- Application form: duly signed
- Processing Fee Cheque
- Age proof
- Address proof
- Signature proof
- Identity proof
- Income documents
- If salaried: Salary slips, Form 16 and bank statement
- If self-employed: ITRs with financial statements, Bank statement
- Property Documents
Home Loan EMI Calculator
An EMI calculator is used to calculate monthly installment on a loan. It requires the rate of interest, loan amount and maximum tenure based on which it shows the result. This helps in knowing your budget so that you are prepared for the payments in advance. For example, if your home loan gets sanctioned from Indiabulls, and your loan details are as follows:
- Loan amount– ₹20,00,000
- Interest rate– 8.75% p.a.
- Tenure– 20 years
The EMI, Total Interest Outgo, and Total Amount (Principal+Interest) will be as follows:
Total Interest Outgo– ₹2241811
Total Amount– ₹4241811
How can you Apply for the Loan?
Indiabulls accepts online applications as well. You can visit their website and follow the procedure. The information such as your name, mobile number, PAN card, address proof, ID proof, property details, income, relationship with the lender, among others are to be mentioned.
You can also apply offline just in case you are not comfortable with the online procedure. The main concern is that Indiabulls home loan will be available to you only if you match their eligibility criteria. So, check your eligibility and if the lender is suitable, apply for it to start living in your dream home.